Craig Ferguson Insurance Services ,since 1991

                                                                             Integrity Insurance Planning....'Insure with Integrity'

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Why you can't lose buying a Critical Illness Policy!

Critical Illness Insurance, although relatively new to this country, is a boon for self employed or employees. You can look at it as financial peace of mind - greatly needed should you get critically ill.

Now, you can't lose for these reasons:

• Major insurers such as Sun Life and Canada Life not only hold the majority of market share, they offer the most comprehensive coverage available today.
• There is an option in the contract, to add on a 15 year return of premium guarantee. What this means is, should you not get the payout due to critical illness, then you will get your money back, 100% in full, 100% guaranteed. Internal rates of after tax return can be as high as 20%. Put another way, to invest after-tax and earn a net of 20%, would mean a pre-tax return of almost 40% in some circumstances. Sounds strangely like the tax savings on an RRSP doesn't it? Don't get me wrong, RRSP contributions are vital, but insurance contributions must always be measured by how they stack up against the best investment - and that is the RRSP.

Here is how to look at this:

Set aside the money, and if you are buying this plan to be a mortgage buster, or to at least pay off a good chunk of your mortgage, it will do the job well.

If you don't collect on the insurance, at the 15 year mark you will have saved enough to possibly retire the mortgage anyhow. So, look at the Critical Illness policy as part of your mortgage payment. You wouldn't think twice about applying that much to your mortgage - which is in essence what you will ultimately do.

Critical Illness therefore, if you can qualify medically for it should be a must have for mortgage purposes. Bank group coverage only covers 3 of 25 conditions. See why  bank CI coverage is not the best way to go! (pdf)

Please email me to ask for more discussion, or go the the contact info on my home page.

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Last modified: 12/14/09